ITT Corporation

ITT Automotive Sells North American Seat Sub-Systems Business to Lear

    8/4/1997

        AUBURN HILLS, Mich., August 4 /PRNewswire/ -- ITT Automotive, a unit of
    ITT Industries, Inc. (NYSE: IIN), has entered into an agreement to sell its
    North American seat adjuster and recliner business to Lear Corporation
    (NYSE: LEA).  Terms of the transaction, announced jointly today by both
    companies, were not disclosed.  ITT Automotive's seat systems business in
    Europe is not part of the agreement, nor is certain seat track business for
    custom vans.
        The ITT Automotive business for seating systems includes power seat
    adjusters, recliners and related components.  The business accounted for
    approximately $200 million in sales during 1996, according to ITT Automotive.
        "This decision is consistent with our commitment to focus on systems and
    components that offer the greatest long-term strategic and competitive
    advantages to ITT Automotive," said Frank Macher, president of ITT Automotive.
    "This is a positive step for our business and provides good opportunities for
    the employees in the Seat Systems group."
        Assets involved in the agreement include ITT Automotive plants in Walker,
    Roscommon and Elsie, Mich.; and St. Thomas, Ontario, Canada.  The business
    unit employs approximately 1,000 individuals.
        ITT Industries (http://www.ittind.com) is a leading worldwide diversified
    manufacturing company with 1996 sales of $8.4 billion from its three primary
    business segments: Automotive, Defense & Electronics, and Fluid Technology.
    ITT Automotive is one of the world's largest independent suppliers of systems
    and components to automotive manufacturers.  ITT Defense & Electronics is a
    world leader in the design, manufacture and support of high technology
    electronic systems and components for defense and commercial markets.  ITT
    Fluid Technology is one of the world's leading manufacturers of products,
    systems and services for the movement, measurement and control of fluids.
        In addition to the New York Stock Exchange, ITT Industries' stock is
    traded under the symbol ("IIN") on the Midwest, Pacific, London, Frankfurt and
    Paris exchanges.
        ITT Industries and its subsidiaries' news releases are available at no
    charge via fax and the Internet.  For ITT Industries news and information on
    the Internet, visit http://www.ittind.com.  To receive releases by fax, call
    800-758-5804, extension 110006 for ITT Industries, or extension 437525 for ITT
    Automotive.
    
    SOURCE  ITT Automotive
    
    

    CONTACT: Media, Jim Gill, APR, 248-340-3895, or
    jim_gill@auto.ittind.com, or Analysts, T. Economou, 914-641-2032,
    both of ITT Automotive, or ITT Automotive's web address,
    http://www.ittautomotive.com

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and oil and gas markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2016 revenues of $2.4 billion.

Investors

Jason Moss
tel +1 914-641-2030
jason.moss@itt.com

Media

Laurent Lawrence
tel +1 914-304-1809
laurent.lawrence@itt.com

MEDIA